Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1887-12-16

decreased. She insisted that los
tering care should be extended
over the insane; and proclaimed
that her protecting arm should be
thrown about the disabled soldier
and sailor, whose wounds so elo'
Guently certified his devotion to
his State.
The action of the Legislature Iii
the appointment Of the joint com
mittee, and the proceedings OF that
committee, received the endorse
ment of the people at the polls; TOR
in the recent election Of the mem
bers Of the Legislature no words OF
dissent came from the lips of the
candidates of either party, and so
far as l know, the mode of the set
tlement of the public debt was not
a matter of discussion between
them. From such premises the
conclusion is reached that both
parties are united ih maintaining
the act approved February II,
1889. Can the State still meet the
obligations of that measure without
an increase of taxation : In my
message to the extra session OF the
last Legislature will be found a
carefully prepared estimate OF an
nual expenses of the government,
based upon the present annual ap.
preparations to public free schools,
eleemosynary institutions, and In
stitutiOns of learning, which does
not include anything tor the con-
struction of new buildings or en-.
largement of those now owned by
the State. That table is applica-
BILE now, and l respectfully call
your attention to it in the appendix
to the message marked "Table
No. ~
An examination Of it demon
sfrates that eXclusive of interest on
the debt, except the amount to in
stitutions of learning, which is now
paid on the unfunded bonds held
by them, the average annual Of
the expenditure of the State will
be 2,O57,1l9.64.
In a communication from the
Auditor of Public Accounts trans
hitting an estimate of the annual
receipts of the Commonwealth from
all sources, based upon the assess
meuts OF 1886, in response to a res
OlutiOn of the Senate, adopted 10Th
of March, 1887, the annual revenue
of the State is set down at S2,J2l,-
1854. A copy of this table is al
so appended, marked table No. ..
From these statements it is as
certained that the revenue of the
State applicable to ihe payment OF
interest upon bonds other than
those held by institutions of learn
ing is S4G4, ,7jG.2O. The annual in.
terest to be provided for if all ont
standing obligations were funded
into bonds under the act approved
February 14th, 1882, except those
held by institutions Of learning,
would be S65S,342Ol. In order,
therefore, to carry out the provi-
sions of that act, the sum of $751;
1854 weuld have to be annually
raised in addition to the present
revenue.
But whilst this deficiency is
shown, it will be borne in mind
that the Riddleberger bonds held
by the Commissioner of the Sink
ing Fund are the property Of the
State, and can be cancelled f.; that
the stock held by the State in the
Richmond, Fredericksburg and PO-
tomac Railroad Company can be
sold and the proceeds used in the
purchase of Rlddleberger bonds, or
the dividends upon the said stock
now going into the hands of the
Sinking Fund Commissioners can
be used in the payment of interest,
and that no provision need be made
for the payment of interest upon
State stock held by the United
States, which interest, funded into
Riddleberger bonds, S16,457S1 per
annum, because the State holds a
claim against the United States in
excess of value of such bonds.
The balance on hand in the Treas
ury October 1, 1887, was 1852, 2,1Sl.-
90. The receipts for the past fiscal
year ending the 3Oth of September,
1887, amounted to 1860, ,33S.73.-
Daring the same period the dis
bursements amounted to $685.
1926, being S67,79952 more than
the revenue, but included in the
expenditures for the past fiscal
year is $143,O70.Sl, which was ad-
vanced under act approved April
6, 1887, to the treasurers OF the
county for the support of public
schools until the taxes cOuld be
collected for that purpose. OF that
amount s1O7,O15.S2 has already
been returned.
The disbursements also embrace
special appropriations to the build
ing funds of the Eastern, Western,
Southwestern and Central Lunatic
Asylums, and to the colored Nor
nal school. 1t also includes $52,-
200 paid to the Washington and
Lee University, being the last ar
rears of interest due on bonds held
by it, and $4,000 used by the Com
,nissioners of the Sinking Fund i'm